Canadian company buys Shady Oaks wind farm

Algonquin Power & Utilities Corp. has bought the Shady Oaks wind farm in Lee County from Goldwind International for $148.9 million, the company announced Wednesday.

Shady Oaks is a 72-turbine, 109.5 megawatt wind farm in the Lee and Compton area that began operating in June.

The acquisition continues Algonquin’s aggressive strategy to buy utility, generation and other assets and achieve 15 percent annual growth, the Oakville, Ontario-based company said in a news release.

Goldwind, one of China’s largest wind manufacturers, has assumed all operations, maintenance, and capital repair for the Shady Oaks through an affiliate under a 20-year fixed price agreement, the release said.

The Lee County Board voted 26-1 for the wind farm in June 2010. Then, the developer was Ireland-based Mainstream Renewable Power. In 2011, Mainstream sold its interest to Goldwind.

Algonquin owns and operates a $2.8 billion portfolio that includes utilities and competitive energy assets in North America.